EQUINOR ASA-SPON ADR (EQNR) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:EQNR • US29446M1027

26.46 USD
-0.33 (-1.23%)
At close: Feb 5, 2026
26.1 USD
-0.36 (-1.36%)
After Hours: 2/5/2026, 7:22:57 PM
Fundamental Rating

5

EQNR gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 207 industry peers in the Oil, Gas & Consumable Fuels industry. While EQNR has a great profitability rating, there are some minor concerns on its financial health. EQNR is valued quite cheap, but it does not seem to be growing. With these ratings, EQNR could be worth investigating further for value investing!.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • In the past year EQNR was profitable.
  • In the past year EQNR had a positive cash flow from operations.
  • EQNR had positive earnings in 4 of the past 5 years.
  • Of the past 5 years EQNR 4 years had a positive operating cash flow.
EQNR Yearly Net Income VS EBIT VS OCF VS FCFEQNR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20B 40B 60B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 4.22%, EQNR is in line with its industry, outperforming 57.97% of the companies in the same industry.
  • EQNR has a better Return On Equity (14.13%) than 76.33% of its industry peers.
  • With an excellent Return On Invested Capital value of 23.19%, EQNR belongs to the best of the industry, outperforming 97.10% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for EQNR is significantly above the industry average of 21.95%.
  • The 3 year average ROIC (33.97%) for EQNR is well above the current ROIC(23.19%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 4.22%
ROE 14.13%
ROIC 23.19%
ROA(3y)11.06%
ROA(5y)6.92%
ROE(3y)32.85%
ROE(5y)20.85%
ROIC(3y)33.97%
ROIC(5y)25.77%
EQNR Yearly ROA, ROE, ROICEQNR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40

1.3 Margins

  • With a Profit Margin value of 5.35%, EQNR perfoms like the industry average, outperforming 46.86% of the companies in the same industry.
  • EQNR's Profit Margin has improved in the last couple of years.
  • With a decent Operating Margin value of 27.99%, EQNR is doing good in the industry, outperforming 70.05% of the companies in the same industry.
  • EQNR's Operating Margin has improved in the last couple of years.
  • EQNR has a Gross Margin (48.66%) which is in line with its industry peers.
  • EQNR's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 27.99%
PM (TTM) 5.35%
GM 48.66%
OM growth 3Y-8.38%
OM growth 5Y5.28%
PM growth 3Y-3.8%
PM growth 5Y23.92%
GM growth 3Y-5.36%
GM growth 5Y-0.73%
EQNR Yearly Profit, Operating, Gross MarginsEQNR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40 60

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5

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so EQNR is creating value.
  • There is no outstanding debt for EQNR. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
EQNR Yearly Shares OutstandingEQNR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B
EQNR Yearly Total Debt VS Total AssetsEQNR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 50B 100B 150B

2.2 Solvency

  • EQNR has an Altman-Z score of 2.50. This is not the best score and indicates that EQNR is in the grey zone with still only limited risk for bankruptcy at the moment.
  • EQNR has a Altman-Z score of 2.50. This is in the better half of the industry: EQNR outperforms 74.40% of its industry peers.
  • The Debt to FCF ratio of EQNR is 4.56, which is a neutral value as it means it would take EQNR, 4.56 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 4.56, EQNR is doing good in the industry, outperforming 66.67% of the companies in the same industry.
  • A Debt/Equity ratio of 0.62 indicates that EQNR is somewhat dependend on debt financing.
  • With a Debt to Equity ratio value of 0.62, EQNR perfoms like the industry average, outperforming 42.03% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 4.56
Altman-Z 2.5
ROIC/WACC3.39
WACC6.84%
EQNR Yearly LT Debt VS Equity VS FCFEQNR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B 30B 40B 50B

2.3 Liquidity

  • EQNR has a Current Ratio of 1.23. This is a normal value and indicates that EQNR is financially healthy and should not expect problems in meeting its short term obligations.
  • EQNR has a Current ratio (1.23) which is in line with its industry peers.
  • EQNR has a Quick Ratio of 1.12. This is a normal value and indicates that EQNR is financially healthy and should not expect problems in meeting its short term obligations.
  • EQNR has a Quick ratio of 1.12. This is comparable to the rest of the industry: EQNR outperforms 57.49% of its industry peers.
Industry RankSector Rank
Current Ratio 1.23
Quick Ratio 1.12
EQNR Yearly Current Assets VS Current LiabilitesEQNR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B

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1

3. Growth

3.1 Past

  • EQNR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -22.98%.
  • The Earnings Per Share has been growing by 54.69% on average over the past years. This is a very strong growth
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-4.06%

3.2 Future

  • EQNR is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.80% yearly.
  • The Revenue is expected to decrease by -6.53% on average over the next years.
EPS Next Y11.87%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EPS Next 5Y7.8%
Revenue Next Year-9.15%
Revenue Next 2Y-4.1%
Revenue Next 3Y-6.53%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
EQNR Yearly Revenue VS EstimatesEQNR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 50B 100B 150B
EQNR Yearly EPS VS EstimatesEQNR Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 2 4 6

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8

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 10.54, the valuation of EQNR can be described as reasonable.
  • Based on the Price/Earnings ratio, EQNR is valued cheaply inside the industry as 81.64% of the companies are valued more expensively.
  • The average S&P500 Price/Earnings ratio is at 27.67. EQNR is valued rather cheaply when compared to this.
  • A Price/Forward Earnings ratio of 9.43 indicates a reasonable valuation of EQNR.
  • 85.02% of the companies in the same industry are more expensive than EQNR, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of EQNR to the average of the S&P500 Index (27.20), we can say EQNR is valued rather cheaply.
Industry RankSector Rank
PE 10.54
Fwd PE 9.43
EQNR Price Earnings VS Forward Price EarningsEQNR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • 99.03% of the companies in the same industry are more expensive than EQNR, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, EQNR is valued cheaply inside the industry as 81.64% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 9.73
EV/EBITDA 1.46
EQNR Per share dataEQNR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of EQNR may justify a higher PE ratio.
PEG (NY)0.89
PEG (5Y)0.19
EPS Next 2Y10.2%
EPS Next 3Y8.24%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • EQNR has a Yearly Dividend Yield of 5.98%, which is a nice return.
  • EQNR's Dividend Yield is a higher than the industry average which is at 3.65.
  • Compared to an average S&P500 Dividend Yield of 1.82, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.98%

5.2 History

  • The dividend of EQNR is nicely growing with an annual growth rate of 24.62%!
  • EQNR has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)24.62%
Div Incr Years0
Div Non Decr Years0
EQNR Yearly Dividends per shareEQNR Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • 101.05% of the earnings are spent on dividend by EQNR. This is not a sustainable payout ratio.
  • EQNR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP101.05%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EQNR Yearly Income VS Free CF VS DividendEQNR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B
EQNR Dividend Payout.EQNR Dividend Payout, showing the Payout Ratio.EQNR Dividend Payout.PayoutRetained Earnings

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EQUINOR ASA-SPON ADR

NYSE:EQNR (2/5/2026, 7:22:57 PM)

After market: 26.1 -0.36 (-1.36%)

26.46

-0.33 (-1.23%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-04
Earnings (Next)05-06
Inst Owners18.36%
Inst Owner Change-0.78%
Ins Owners0%
Ins Owner ChangeN/A
Market Cap66.11B
Revenue(TTM)N/A
Net Income(TTM)5.73B
Analysts50.29
Price Target25.36 (-4.16%)
Short Float %3.32%
Short Ratio5.98
Dividend
Industry RankSector Rank
Dividend Yield 5.98%
Yearly Dividend3.02
Dividend Growth(5Y)24.62%
DP101.05%
Div Incr Years0
Div Non Decr Years0
Ex-Date02-17
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-18.96%
Min EPS beat(2)-36.86%
Max EPS beat(2)-1.06%
EPS beat(4)0
Avg EPS beat(4)-18.46%
Min EPS beat(4)-36.86%
Max EPS beat(4)-1.06%
EPS beat(8)3
Avg EPS beat(8)-7.11%
EPS beat(12)6
Avg EPS beat(12)-0.27%
EPS beat(16)8
Avg EPS beat(16)0.87%
Revenue beat(2)2
Avg Revenue beat(2)9.54%
Min Revenue beat(2)8.5%
Max Revenue beat(2)10.59%
Revenue beat(4)3
Avg Revenue beat(4)7.52%
Min Revenue beat(4)-0.15%
Max Revenue beat(4)11.14%
Revenue beat(8)5
Avg Revenue beat(8)3.15%
Revenue beat(12)6
Avg Revenue beat(12)-1.48%
Revenue beat(16)10
Avg Revenue beat(16)-0.2%
PT rev (1m)-0.52%
PT rev (3m)-4.29%
EPS NQ rev (1m)-5.32%
EPS NQ rev (3m)-8.99%
EPS NY rev (1m)-1.86%
EPS NY rev (3m)-13.96%
Revenue NQ rev (1m)-4.66%
Revenue NQ rev (3m)-2.74%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.96%
Valuation
Industry RankSector Rank
PE 10.54
Fwd PE 9.43
P/S 0.62
P/FCF 9.73
P/OCF 3.26
P/B 1.63
P/tB 1.94
EV/EBITDA 1.46
EPS(TTM)2.51
EY9.49%
EPS(NY)2.81
Fwd EY10.61%
FCF(TTM)2.72
FCFY10.27%
OCF(TTM)8.12
OCFY30.69%
SpS42.85
BVpS16.22
TBVpS13.65
PEG (NY)0.89
PEG (5Y)0.19
Graham Number30.27
Profitability
Industry RankSector Rank
ROA 4.22%
ROE 14.13%
ROCE 29.35%
ROIC 23.19%
ROICexc 29.7%
ROICexgc 32.3%
OM 27.99%
PM (TTM) 5.35%
GM 48.66%
FCFM 6.34%
ROA(3y)11.06%
ROA(5y)6.92%
ROE(3y)32.85%
ROE(5y)20.85%
ROIC(3y)33.97%
ROIC(5y)25.77%
ROICexc(3y)49.28%
ROICexc(5y)37.09%
ROICexgc(3y)53.02%
ROICexgc(5y)40%
ROCE(3y)44.25%
ROCE(5y)33.68%
ROICexgc growth 3Y-4.25%
ROICexgc growth 5Y16.79%
ROICexc growth 3Y-3.9%
ROICexc growth 5Y18.15%
OM growth 3Y-8.38%
OM growth 5Y5.28%
PM growth 3Y-3.8%
PM growth 5Y23.92%
GM growth 3Y-5.36%
GM growth 5Y-0.73%
F-Score5
Asset Turnover0.79
Health
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 4.56
Debt/EBITDA 0.6
Cap/Depr 113.26%
Cap/Sales 12.6%
Interest Coverage 44.4
Cash Conversion 48.43%
Profit Quality 118.62%
Current Ratio 1.23
Quick Ratio 1.12
Altman-Z 2.5
F-Score5
WACC6.84%
ROIC/WACC3.39
Cap/Depr(3y)119.04%
Cap/Depr(5y)96.27%
Cap/Sales(3y)9.19%
Cap/Sales(5y)11.03%
Profit Quality(3y)100.41%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
EPS Next Y11.87%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EPS Next 5Y7.8%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-4.06%
Revenue Next Year-9.15%
Revenue Next 2Y-4.1%
Revenue Next 3Y-6.53%
Revenue Next 5YN/A
EBIT growth 1Y-3.66%
EBIT growth 3Y-3.87%
EBIT growth 5Y16.06%
EBIT Next Year29.63%
EBIT Next 3Y5.61%
EBIT Next 5Y1.93%
FCF growth 1Y-57.61%
FCF growth 3Y-27.45%
FCF growth 5Y17.48%
OCF growth 1Y-22.67%
OCF growth 3Y-11.3%
OCF growth 5Y7.9%

EQUINOR ASA-SPON ADR / EQNR FAQ

What is the ChartMill fundamental rating of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a fundamental rating of 5 / 10 to EQNR.


What is the valuation status of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a valuation rating of 8 / 10 to EQUINOR ASA-SPON ADR (EQNR). This can be considered as Undervalued.


How profitable is EQUINOR ASA-SPON ADR (EQNR) stock?

EQUINOR ASA-SPON ADR (EQNR) has a profitability rating of 7 / 10.


What is the financial health of EQUINOR ASA-SPON ADR (EQNR) stock?

The financial health rating of EQUINOR ASA-SPON ADR (EQNR) is 5 / 10.


What is the expected EPS growth for EQUINOR ASA-SPON ADR (EQNR) stock?

The Earnings per Share (EPS) of EQUINOR ASA-SPON ADR (EQNR) is expected to grow by 11.87% in the next year.